Santos Brasil Participacoes SA (STBP3), the country’s largest shipping container operator, climbed to the highest in almost five months after earnings beat estimates as China-led demand boost the country’s commodity exports.
The company, which handles coffee, sugar and other exports from three Brazilian ports, reported rising revenue and profits as shipments from Latin America’s largest economy increase.
Santos had “a strong set of results, combining good revenue growth and a hefty margin expansion,” Renata Faber and Thiago Macruz, analysts at Sao Paulo-based Banco Itau (ITUB4) BBA SA, said in a report yesterday. “The main positive highlight continues to be the warehousing operation, with a strong revenue growth relative to 2011.”
Fourth-quarter net income climbed to 74.6 million reais ($43.4 million) from 58.1 million a year earlier, Santos said yesterday after markets closed. The result beat the 52.9 million-real average estimate of five analysts compiled by Bloomberg. (STBP11)
Earnings per share of 56.9 centavos in the fourth quarter exceeded an average estimate of 39 centavos, according to Bloomberg data.
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